EANS-Adhoc: Record result of Vienna Insurance Group in 2011
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ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
distribution. The issuer is solely responsible for the content of this
announcement.
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29.03.2012
- Standard & Poor´s confirms excellent rating: "A+" with stable outlook
- Outstanding increase in Group profit (before taxes) by 10.1 percent to
about EUR 560 million
- Group premiums grow to almost EUR 9 billion
- Proposed dividend increase of 10 percent to EUR 1.10 per share*
- Vienna Insurance Group grows considerably above market average in CEE
I. OVERVIEW OF KEY DATA FOR THE YEAR 2011 (in accordance with IFRS)
In the financial year 2011 Vienna Insurance Group earned consolidated premiums
written of EUR 8.9 billion, which corresponds to a rise of 3.4 percent.
Group profit (before taxes, consolidated) increased significantly by 10.1
percent to EUR 559.0 million in 2011. This is the best-ever result in the
Group´s history.
The Group´s combined ratio after reinsurance (without taking into account
investment income) for the year 2011 clearly decreased by almost 1.6 percentage
points to a very good level of 96.8 percent.
The financial result for the year 2011 amounted to EUR 931.6 million.
The investments of the Group, including liquid funds, totalled EUR 28.7 billion
as of 31 December 2011.
The Managing Board of Vienna Insurance Group will propose an increase in
dividend by 10 percent to EUR 1.10 for the year 2011.*
II. GROUP EMBEDDED VALUE INCREASED
The embedded value - calculated based on international guidelines - represents
the value of existing insurance contracts. It is composed of the net asset
value of life, health and property/casualty insurance as well as the discounted
value of future earnings from existing contracts in the life and health
insurance segment.
The sustainability of the insurance business of Vienna Insurance Group is
reflected in the fact that the Group embedded value (after taxes) increased by
6.3 percent to EUR 5.28 billion as of 31 December 2011 (adjusted value 2010:
EUR 4.97 billion).
B&W Deloitte GmbH, Cologne, reviewed the Group embedded value and confirmed to
Vienna Insurance Group that the calculation procedures applied as well as the
underlying assumptions and results are accurate.
III. OUTLOOK FOR THE FINANCIAL YEAR 2012
The priority in 2012 will be on promoting further organic growth and on
increasing profitability on a continuous basis. The Management of Vienna
Insurance Group has committed itself to achieving growth above the market
average also in the next years. As far as the situation in the European markets
is concerned, the Group expects if at all selective stagnating revenues due to
restrained consumption.
Vienna Insurance Group will continue to adhere to its principles of a local
market presence based on diversification aspects as well as to its conservative
investment strategy, while working on strengthening its profitability. The
Management of Vienna Insurance Group will strive to keep volatilities as low as
possible also in the future, by taking into account the respective economic
setting. The Group examines on an ongoing basis if there are cost-reduction
potentials and how they may be taken advantage of in an optimal way,
particularly in the companies in the CEE region and through the continued
harmonisation of the Group´s IT infrastructure.
* subject to the approval of the corporate bodies
Further inquiry note:
VIENNA INSURANCE GROUP AG
Wiener Versicherung Gruppe
1010 Wien, Schottenring 30
Alexander Jedlicka
Head of Public Relations, Spokesperson
Tel.: +43 (0)50 350-21029
Fax: +43 (0)50 350 99-21029
E-Mail: alexander.jedlicka@vig.com
Nina Higatzberger
Head of Investor Relations
Tel.: +43 (0)50 350-21920
Fax: +43 (0)50 350 99-21920
E-Mail: nina.higatzberger@vig.com
end of announcement euro adhoc
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issuer: Vienna Insurance Group
Schottenring 30
A-1011 Wien
phone: +43(0)50 350-21919
FAX: +43(0)50 350 99-23303
mail: investor.relations@vig.com
WWW: www.vig.com
sector: Insurance
ISIN: AT0000908504
indexes: WBI, ATX Prime, ATX
stockmarkets: official market: Wien, stock market: Prague Stock Exchange
language: English